Mar 21, 2017

888 raises dividend after strong profit growth

Online bookmaker 888 Holdings on Tuesday reported strong growth in 2016, with robust performances by its casino and sports betting divisions offsetting losses at its poker and bingo tables. 888's marketing expenses rose 23 per cent to $170.2m last year, and 888 was also hit by higher taxes on betting companies across Europe, with its gaming duties increasing 9 per cent to $63.5m. Itai Frieberger, chief executive, highlighted 888's "Very strong organic revenue and profit growth" over a period he has been stymied in attempts to complete a major acquisition. Last August, a consortium of Rank Group and 888 abandoned a £3bn takeover approach for William Hill that would have created the UK's largest gaming group. 888 is proposing a final dividend of $0.051 per share for 2016, plus an additional one-off pay out worth $0.105 that took "Into account the strong performance of the business in 2016". "The board continues to see a number of significant growth opportunities for 888 both in new and existing markets and we look forward to another exciting year of progress," said Mr Frieberger.

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